News

BSM Assists Dealers Compile Their PPP Loan Forgiveness Applications

Date23 Sep 2020

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Categories2020, Newsbrief, Newsletter

BSM Shareholder, Richard Sox, and his team are actively assisting dealers ready their PPP Loan Forgiveness applications for submission to their lender. This assistance includes answering questions related to interpretation of the SBA promulgated rules related to the use of loan proceeds,...

BSM Retained to Challenge the Lincoln Commitment Program on behalf of the New Jersey Coalition of Automobile Retailers

Date23 Sep 2020

Posted ByBass Sox Mercer

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Categories2020, Newsbrief, Newsletter

NJCAR has retained BSM to file a complaint in New Jersey federal court challenging the Lincoln Commitment Program as a violation of the New Jersey franchise protections. The New Jersey Lincoln dealers overwhelmingly objected to the requirement in the Lincoln Commitment Program...

Due Diligence Standard in Today’s Automotive Buy-Sell Market

Date23 Sep 2020

Posted ByBass Sox Mercer

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Categories2020, Newsletter, Transaction Update

Back in April and May of this year, the economy came to a grinding halt as many cities ordered businesses to close. Things looked pretty dismal, both for our dealer clients and Bass Sox Mercer. The phone stopped ringing and several buy-sells...

Dealer Agreement Renewals and Modifications: Dot Your “I’s” and Cross Your “T’s”

Date23 Sep 2020

Posted ByBass Sox Mercer

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Categories2020, Franchise News, Newsletter

When changes are made to your Dealer Agreement, which many times occurs upon renewal, they should be carefully scrutinized to ensure that they are not harmful to your dealership. In many states, dealers are afforded the opportunity to challenge these changes, and...

Hyundai Motor America’s New ROFR Addendum

Date23 Sep 2020

Posted ByBass Sox Mercer

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Categories2020, Franchise News, Newsletter

HMA has recently started sending a Right of First Refusal Addendum (the “Addendum”) to Hyundai dealers for signature. Many dealers have been questioning whether the language included in the Addendum is standard for rights of first refusal (“ROFR”) in a Dealer Sales...

Changing Part Numbers or Price Due to the Volume of Repairs or an Anticipated Recall

Date23 Sep 2020

Posted ByBass Sox Mercer

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Categories2020, Franchise News, Newsletter

We have heard from numerous dealers that manufacturers have been reducing part prices related to specific repairs, or changing part numbers. While a manufacturer may have legitimate reasons for doing this, it is also a tactic typically employed by manufacturers to reduce...

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